Cryptocurrencies are going down... What may signal a recovery?
Weekly Crypto News
Microsoft co-founder Bill Gates: “Bitcoin and other cryptocurrencies are “kind of a pure “greater fool theory” type of investment…Bitcoin and ICOs, I believe completely [they're some] of the crazier, speculative things.”
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- Bitcoin broke down the psychological level of $9,000 and is falling further. The cryptocurrency is trading near $8,800.
- A co-founder of Fundstrat Global Advisors Tom Lee is sure that Bitcoin will climb to $15,000 after a conference Consensus that will take place on May 14. According to previous years, the cryptocurrency rose from 10% to 70% after the conference. Earlier Mr. Lee predicted $25,000 for Bitcoin to the end of the year.
- Former adviser of US President Donald Trump and former head of Goldman Sachs Gary Cohn announced that the world cryptocurrency will appear later, but it is not Bitcoin. He noted that a potential digital asset would be more understandable and, more likely, would be based on the blockchain.
- Ryan Coffey filed a lawsuit against Ripple on behalf of all investors in the XRP cryptocurrency. He accuses the company of illegal trading securities and “an endless ICO.”
- A lot of news on Monero. Firstly, the Japanese cryptocurrency exchange Coincheck announced a partial resumption of operations with Monero (XMR). Users can move and sell assets. Secondly, an investment application Circle announced a support of the anonymous cryptocurrency. So application’s users can trade Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZCash, and Monero. Thirdly, hackers implemented a mining software Coinhive on more than 400 websites including the National Council for Labor Relations of the United States and the government of the Mexican city of Chihuahua.
- Users of a decentralized platform OpenBazaar will be able to trade cryptocurrencies with a 0% commission. Moreover, traders can even not disclose their identity.
- An investment fund Galaxy Digital has a partnership with Bloomberg. As a result, a cryptocurrency index Bloomberg Galaxy Crypto Index was launched. It will track BTC, ETH, XMR, XRP, ZEC, BCH, EOS, LTC, DASH, and ETC.
- Despite a running prohibition on cryptocurrency transactions in Iran, residents withdraw their money from the country with cryptocurrencies. According to authorities, $2.5 billion are already withdrawn in Bitcoin and other cryptocurrencies. To prevent such situations in the future, the country plans to launch its own national cryptocurrency.
- A regulation of cryptocurrency exchanges in Japan became stricter. The cryptocurrency exchanges have to strengthen measures on clients’ identification and separate investors' assets from their own. According to the regulator, such cryptocurrencies as Monero, Dash, and Zcash can be used for laundering of money, as a result, the next step of the regulation may be a ban on them.
- Attorney General of New York Eric Schneiderman, that requested large cryptocurrency exchanges to disclose information on their activities, left office. Recently the cryptocurrency exchange Coinbase presented information on its activities. The cryptocurrency exchange Kraken refused the request. Maybe after such news, other cryptocurrency exchanges will refuse as well.
- SEC (Securities and Exchange Commission) Commissioner Hester Peirce declared that excessive regulation can completely damage innovation. Moreover, she sees an appropriate role for a regulator in taking action when necessary but not monitoring the “sandcastle builders’ every decision.
- The Intercontinental Exchange Corporation, that is an operator of the New York Stock Exchange, is going to launch a platform for large bitcoin traders. Clients will be able to purchase the cryptocurrency and perform payment transactions on Bitcoin futures in Fiat money.
- Moreover, banks will have opportunities to make swap contracts, through which clients will get the purchased cryptocurrency the next day.
- The first service was created within the framework of the Telegram Open Network project. With the service, users can store their personal data - for example, documents or details of cryptocurrency transactions. The platform will refuse anonymous operations in favor of a partnership with large services, in particular, with the Qiwi payment system.
- Facebook created a working group that will look for blockchain solutions for the social network.
Bitcoin $8,832 (-5.11%)
DASH $415.70 (-7.79%)
Ethereum $711.57 (-6.21%)
Litecoin $143.30 (-9.87%)
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